Bitcoin overview: BTC is a lousy investment - Apple’s co-founder
|- Steve Wozniak said that Bitcoin has potential, but it is too volatile to be considered as an investment.
- BTC/USD returned to $3,800 handle after a failed recovery attempt.
Co-founder of Apple believes that the first digital currency has significant potential, but it is still too early to invest money in it. He said that he spends Bitcoin while traveling and pay with cryptocurrency in restaurants; however, he is not ready to invest in digital gold. As of yet. Speaking in the interview with Bloomberg, Wozniak explained that the sharp downside trend had done more good than harm to the coin’s value.
He believes that the cryptocurrency market participants are sensitive to psychological impact. Thus, fear and ill-considered actions of inexperienced investors may influence the price fluctuations. That’s the main reason, why digital gold is suitable only for experiments, despite a huge potential.
At the end of January, the co-founder of Apple said that he had sold his cryptocurrency when its price was close to the historical maximum. Considering that he bought the coins at $700, he pocketed a good profit.
At the time of writing BTC/USD is changing hands at $3,794, down 2.5% from Thursday peak reached at $3,884. The cryptocurrency attempted a recovery towards the critical short-term resistance at $3,900, but the upside impulse proved to be short-lived. We will need to see a sustainable move above the said level to get a chance to retest the recent high at $4,187.
BTC/USD, 1D chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.